Who is my competition?
Not only should you be familiar with your competition before you start your business, but you should follow your competition closely as long as your business is open. Knowing about and even having a business relationship with your competition can be one of the best sources of information for improving your products and services.
- List your direct competitors
- List your indirect competitors
- What is their competitive advantage?
- Where are your competitors located?
- How long have your competitors been in business?
- What is the market share of your competitors?
- Who are the target customers of your competitors?
- Conduct a brief media research (Google search) on your competitors.
- Evaluate your competitors with regards to these key success factors noting how well your competitor does each of the following.
- extensive distribution
- customer focus
- economies of scale
- product innovation
- If you want to create detailed profiles of your competitors, see this Wikipedia article and research the term “competitor profiling.”
- After analyzing your competitors, then answer, what is your competitive advantage?
Here are some videos and resources.
- Gainesville Chamber of Commerce Data Center
- SBA SizeUp Widget If you are a small business owner, you need to know how your business stacks up with the competition in order to succeed. SizeUp will help you manage and grow your business by benchmarking it against competitors, mapping your customers, competitors and suppliers, and locating the best places to advertise.